XAUUSD (1296.92): Gold prices continue to post the consolidation below the 1304 – 1301 level of resistance. Price action managed to break the outer trend line of the falling price channel. We expect the consolidation to continue but there could be a strong chance that the precious metal could breach the resistance level. A breakout above 1304 could signal gold prices rallying higher toward the 1325 level of resistance. To the downside, failure to break the resistance level could keep gold prices hovering lower toward the 1282 support.
